UK gas prices hit highest level of 2024 after crack closes Norwegian pipeline; UK factories return to growth – as it happened

Rolling coverage of the latest economic and financial news, as wholesale gas prices rise after disruption to supplies from Norway

Just in: UK factories have returned to growth, with the most rapid expansion in output in over two years.

The latest poll of purchasing managers across UK manufacturing found that activity grew across the sector in May.

All three product categories covered by the survey (consumer, intermediate and investment goods) and all three size definitions (small, medium and large) registered concurrent expansions for the first time in over two years.

Rates of [price] increase accelerated in the consumer and intermediate goods sectors, but eased at investment goods producers.